April 25, 2014 / 10:05 AM / 6 years ago

Russia's central bank introduces long-term refinancing tool

MOSCOW, April 25 (Reuters) - Russia’s central bank said on Friday it was introducing a three-year refinancing tool for banks to finance investment projects.

“In order to enhance the ability of banks to provide long-term credit to finance investment projects and increase their accessibility for the economy the Bank of Russia has decided to implement a new mechanism for refinancing credit institutions,” the bank said in a statement.

The three-year loans will come with a 6.5 percent interest, the central bank said, and would apply to projects that qualify for state guarantees. To begin with they will be accessible for large banks with capital above 50 billion roubles ($1.4 billion).

Reporting by Lidia Kelly and Jason Bush

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